Energy: A unique opportunity
Editor’s note… By Nicoletta Livera
Cyprus, located in the Eastern Mediterranean and at the crossroads of three major continents is situated at a strategic area of international energy routes.
The country has been a member of the European Union since 2004, has an open market economy with its main economic activities being Banking, Services, Property, Tourism, Trading, Marine & Shipping and most recently Energy.
These facts give Cyprus great potential for Oil and Gas trading and becoming a strategic hub for business activities in the region.
The history so far
The energy sector of Cyprus went through a series of important changes – the liberalization of the electricity market, the efforts towards the import and use of natural gas for power generation, the promotion of RES investments, the installation of modern cogeneration systems, the promotion of energy saving, the discovery of indigenous gas.
In 2011, following three years of exploration activity, Noble Energy, the first international oil company to drill in Cyprus’ Exclusive Economic Zone, announced that a natural gas field discovery had been made offshore of the island.
So far 13 exploration blocks have been set in the south of the island and there are still undiscovered hydrocarbon resources at the western part.
There is no doubt that there are significant oil and gas resources in the Eastern Mediterranean, discovered and undiscovered. The signs, as they have been announced by the government of the Republic of Cyprus and the energy companies involved, have been positive and encouraging.
Cyprus is indeed presented with a unique opportunity. Time is vital though. The development and growth of the emerging energy sector in Cyprus will act to strengthen the economy.
The promising new sector calls for the formation of strategy, commitment, determination and most important of all action that will ensure the full rewards and benefits.
It’s time to smell the gas!
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